Omara’s ₹22.43 crore debt was concentrated in ICICI

Omara Ventures India Limited had ₹22.43 crore of borrowings at March 31, 2026, with ₹17.44 crore secured and ₹4.99 crore unsecured. Omara’s largest facility was a ₹14.52 crore ICICI Bank cash-credit line, secured by current assets, residential property owned by Sunil Jaiswal and Samarth Jaiswal, and directors’ continuing personal guarantees.

How was Omara’s ₹22.43 crore debt structured?

Omara’s total borrowings at March 31, 2026 comprised ₹16.87 crore of current borrowings, excluding current maturities of long-term borrowings, and ₹5.56 crore of non-current borrowings including those maturities. Total equity was ₹12.52 crore, comprising ₹3.01 crore of share capital and ₹9.51 crore of reserves and surplus, resulting in a total-borrowings-to-total-equity ratio of 1.79.

Secured borrowings represented ₹17.44 crore, or 77.7% of Omara’s ₹22.43 crore total borrowings, while unsecured borrowings represented ₹4.99 crore, or 22.3%. The split shows that the March 2026 debt balance was principally supported by security over company assets, property and guarantees rather than only unsecured lender exposure.

Omara’s total debt increased by ₹8.47 crore from ₹13.96 crore at March 31, 2025 to ₹22.43 crore at March 31, 2026. The March 2026 balance was also higher than ₹11.25 crore at March 31, 2024, even as the debt-equity ratio fell because net worth rose more quickly than debt.

Why was Omara’s secured debt concentrated in ICICI?

ICICI Bank accounted for ₹16.28 crore of Omara’s ₹17.44 crore secured borrowings at March 31, 2026, equivalent to about 93.4% of secured debt. The ICICI balance comprised a ₹14.52 crore cash-credit facility, a ₹1.47 crore business term loan and a ₹28.78 lakh business working-capital term loan, all sanctioned on July 16, 2025.

The ₹14.52 crore cash-credit facility was sanctioned for ₹15 crore on July 16, 2025 and disbursed on July 25, 2025. It has a 120-month tenure, is repayable on demand, and carries interest at the Reserve Bank of India repo rate plus a 3.50% spread, stated in the facility disclosure as 5.50% plus 3.50%.

The primary security disclosed for the ICICI facilities is hypothecation of current assets and an equitable mortgage over a residential property at H. House 831, Sector 2, Urban Estate, Panchkula, Haryana, owned by Sunil Jaiswal and Samarth Jaiswal. The secondary security is a continuing personal guarantee from directors for all future dues, meaning the facilities depend on both the specified collateral and the guarantees remaining available.

The other secured balances were vehicle loans of ₹82.39 lakh from BMW Financial Services Private Limited and ₹33.41 lakh from Indian Overseas Bank. Together, these two vehicle loans totalled ₹1.16 crore, compared with ₹16.28 crore across the three ICICI facilities, illustrating the secured-debt concentration in one banking relationship.

What were the terms of Omara’s unsecured borrowings?

Omara had ₹4.99 crore of unsecured borrowings at March 31, 2026, comprising about ₹2.65 crore from eight external lenders and ₹2.35 crore from two directors. The external business and working-capital loans were largely sanctioned in November and December 2025 and carried stated annual interest rates ranging from 15.00% to 17.00%.

The largest external unsecured balance was ₹46.63 lakh from SMFG India Credit Co. Ltd at 15.00%, followed by ₹38.13 lakh from Kiset u Sainson finance Ltd at 15.99% and ₹35.82 lakh from Axis Finance Limited at 15.90%. Tata Capital Ltd had ₹28.06 lakh outstanding at 17.00%, repayable in 36 equal monthly instalments of ₹1.05 lakh.

Several facilities carried restrictions or charges for early repayment. Axis Finance allowed part payment only after 12 instalments and specified a 3% charge plus applicable taxes, while Clix Capital Services Pvt Ltd disclosed prepayment charges ranging from 6% before 12 months to 4% from 24 months to less than 48 months. These conditions set out the contractual cost and timing constraints for reducing the relevant loans before their scheduled terms.

Director loans consisted of ₹19.16 lakh from Samarth Jaiswal and ₹2.15 crore from Sunil Jaiswal. Both loans were unsecured, carried no interest “as of now”, and were repayable on demand, with no stated instalment schedule in the indebtedness disclosure.

Did Omara’s earnings improve its debt-servicing measures?

Omara’s debt-service coverage ratio rose to 0.47 in the year ended March 31, 2026 from 0.26 in 2025 and 0.14 in 2024. Omara defines debt service as interest plus principal repayment and earnings available for debt service as profit before tax, finance cost, depreciation and loss on sale of assets; it attributed the 2026 improvement to higher net profit.

Revenue from operations increased to ₹45.88 crore in the year ended March 31, 2026 from ₹23.52 crore in 2025, while profit after tax rose to ₹9.37 crore from ₹2.73 crore. Earnings before interest, tax, depreciation and amortisation, or EBITDA, increased to ₹14.43 crore from ₹4.87 crore, and the EBITDA margin increased to 31.45% from 20.72%.

Finance cost rose to ₹1.31 crore in 2026 from ₹96.85 lakh in 2025, alongside the increase in total debt to ₹22.43 crore. The reported debt-service coverage ratio remained below 1 in 2026, so continued improvement in this measure would depend on the company maintaining earnings while meeting interest and principal obligations under its facilities.

How did Omara’s equity growth affect reported leverage?

Omara’s debt-equity ratio declined to 1.79 at March 31, 2026 from 4.42 in 2025 and 26.35 in 2024. Omara said the ratio declined because equity increased in a higher proportion than debt, which is consistent with net worth increasing to ₹12.52 crore in 2026 from ₹3.16 crore in 2025 while total debt also increased.

Omara’s current ratio, defined as current assets divided by current liabilities, rose to 1.48 in 2026 from 1.16 in 2025 and 1.05 in 2024. The company attributed the 27.8% increase from 2025 to current assets rising in a greater proportion than current liabilities, while its net capital turnover ratio declined to 3.13 from 6.33 because turnover increased less than capital employed.

Conclusion

Omara’s March 31, 2026 capital structure combined a ₹16.28 crore ICICI exposure with smaller vehicle facilities, eight external unsecured loans and ₹2.35 crore of director funding. Revenue, EBITDA and profit increased in 2026, and the debt-equity ratio declined as net worth expanded, but total borrowings rose by ₹8.47 crore and the reported debt-service coverage ratio was 0.47.

The next disclosed development to watch is post-issue capitalisation, which Omara said could not be determined until completion of the issue process. Omara’s board also stated that, after March 31, 2026, no circumstance had arisen that materially or adversely affected, or was likely to affect, profitability, asset value or its ability to pay material liabilities within the following 12 months; later borrowing balances and repayment outcomes were not disclosed.